Cardinal Capital Management Buys 4,710 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Cardinal Capital Management lifted its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 15.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,403 shares of the electronics maker’s stock after acquiring an additional 4,710 shares during the quarter. Cardinal Capital Management’s holdings in Dolby Laboratories were worth $2,882,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in DLB. PNC Financial Services Group Inc. raised its position in shares of Dolby Laboratories by 2.4% during the third quarter. PNC Financial Services Group Inc. now owns 13,298 shares of the electronics maker’s stock worth $1,054,000 after acquiring an additional 312 shares during the last quarter. Invesco Ltd. raised its position in shares of Dolby Laboratories by 38.1% during the third quarter. Invesco Ltd. now owns 213,250 shares of the electronics maker’s stock worth $16,902,000 after acquiring an additional 58,783 shares during the last quarter. LPL Financial LLC raised its position in shares of Dolby Laboratories by 13.3% during the third quarter. LPL Financial LLC now owns 62,406 shares of the electronics maker’s stock worth $4,946,000 after acquiring an additional 7,312 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Dolby Laboratories by 32.1% during the third quarter. Federated Hermes Inc. now owns 39,026 shares of the electronics maker’s stock worth $3,093,000 after acquiring an additional 9,489 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Dolby Laboratories by 40.2% during the third quarter. Northern Trust Corp now owns 534,454 shares of the electronics maker’s stock worth $42,361,000 after purchasing an additional 153,381 shares during the period. 58.56% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Mark Andrew Sherman sold 2,283 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $79.62, for a total value of $181,772.46. Following the transaction, the executive vice president now owns 58,325 shares in the company, valued at $4,643,836.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 39.54% of the company’s stock.

Dolby Laboratories Stock Performance

Dolby Laboratories stock traded up $0.63 during mid-day trading on Thursday, reaching $79.26. The stock had a trading volume of 391,676 shares, compared to its average volume of 370,959. Dolby Laboratories, Inc. has a fifty-two week low of $75.87 and a fifty-two week high of $91.01. The stock’s 50-day simple moving average is $80.17 and its 200-day simple moving average is $82.15. The firm has a market capitalization of $7.60 billion, a PE ratio of 40.36 and a beta of 0.99.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Thursday, May 2nd. The electronics maker reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. Dolby Laboratories had a return on equity of 10.15% and a net margin of 15.00%. The firm had revenue of $364.52 million during the quarter, compared to analysts’ expectations of $361.98 million. On average, research analysts forecast that Dolby Laboratories, Inc. will post 2.68 earnings per share for the current fiscal year.

Dolby Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Tuesday, May 14th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, May 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.51%. Dolby Laboratories’s dividend payout ratio is presently 61.22%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on DLB shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $98.00 target price on shares of Dolby Laboratories in a research note on Friday, June 7th. StockNews.com raised Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Saturday, May 11th. Finally, Barrington Research raised Dolby Laboratories from a “market perform” rating to an “outperform” rating and set a $100.00 target price for the company in a research note on Monday, June 3rd.

Dolby Laboratories Profile

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.